Recent remarks from a Senator indicate that the American Bankers Association, the lobbying organization for the U.S. banking industry, was invited to assist in the creation of anti-crypto legislation.
Major banks have been collaborating with U.S. Senators Roger Marshall and Elizabeth Warren in crafting their contentious anti-crypto legislation.
Major banks have been collaborating with U.S. Senators Roger Marshall and Elizabeth Warren in crafting their contentious anti-crypto legislation.
In a video from December 20 circulating on X (formerly Twitter), Senator Marshall acknowledges approaching the American Bankers Association (ABA), the largest lobbying organization for the U.S. banking industry, along with Senator Warren, seeking assistance in formulating the Digital Asset Anti-Money Laundering Act.
Introduced in December 2022, the Digital Asset Anti-Money Laundering Act seeks to subject crypto technologies like non-custodial wallets, validators, and mining pools to rigorous banking regulations in the United States.
We initially approached the American Bankers Association, asking them to assist us in formulating this legislation.
Senator Marshall noted Senator Warren’s meeting with JPMorgan CEO Jamie Dimon, where they concurred that “crypto was only a tool for criminals.” This information was extracted from a parliamentary security-intelligence forum earlier this month.
Coinbase CEO Brian Armstrong voiced his disappointment, expressing that Senators Warren and Marshall advocating for banks is a regrettable move. He emphasized that being anti-crypto is an ill-advised political strategy heading into 2024.
Finance lawyer Scott Johnsson advised disgruntled voters to concentrate on vulnerable seats that have backed Senator Warren’s crusade over the past year.
On December 11, the bill secured five new Senators as co-sponsors, with three of them being members of the Banking Committee. Additionally, the Bank Policy Institute (BPI), a U.S. banking advocacy group, has endorsed the anti-crypto legislation put forth by Senator Warren.
Critics of crypto frequently assert that digital assets are predominantly employed for illicit activities, despite ample evidence to the contrary. According to blockchain analysis platform Chainalysis, less than 0.2% of crypto is utilized for nefarious purposes.
Those against crypto often overlook the extent of criminal activity within traditional finance. Notably, JPMorgan, one of the most heavily fined banks, has incurred nearly $40 billion in fines for various violations since 2000, as reported by Violation Tracker.
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